unmarried, one dies, what about the house?

Edinburghlass_2

Turtle wrote: »

I think we own tenants in common which I why we could potentially have this problem. i know that a verbal agreement is worth nothing and would not stand up and I know that we need to make a will. However I am enquiring about the position without a will. Both our names are on the deeds and neither of us have children. Aside from the will issue, would changing to being joint tenants mean that the house would automatically pass to the surviving party or does this only happen if you are married?

Thanks for help so far.

As you have a house, you have assets and presumably other assets in the house. You both need to make a will and incorporate in each of your wills exactly what you want to happen with the house and your other assets. With all the goodwill in the world unless you state what you want to happen then neither of you have "rights" over all the other things such as funerals etc and can come unstuck should either of you end up in hospital.

*MF*

This is a "just in case" you live in Scotland post - Edinburghlass's post prompted me to add this ...

There is something called "special destination" in Scots law which has an effect in cases like this.

Link to HRMC here:

http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM15050.htm

Fwiw (and apologies in advance, lol)... if you have a joint account with a Bank or Building Society which is governed by Scots Law, these "special destination" provisions can cause problems - EVEN IF - you live in England or Wales, and even if you have made a will. Again there are HMRC notes on this if you want to google. (On the other hand this is a Saturday evening - and I am sure you have much better things to do) ... ;-))

Turtle

Thanks very much everybody. I guess we'll just have to get those wills made. At least we knew the position re 'not counting' and we're not labouring under the idea that we were common law anything - I'm sure there must be loads of people who still think it exists. Or we could just get married tee hee...

seven-day-weekend

Turtle wrote: »

Thanks very much everybody. I guess we'll just have to get those wills made. At least we knew the position re 'not counting' and we're not labouring under the idea that we were common law anything - I'm sure there must be loads of people who still think it exists. Or we could just get married tee hee...

Makes life so much easier.....

sammybee

can u let me know how much it will cost u both for a will to be made, we r in the same position and i was considering buying a DIY one

Kavanne

sammybee wrote: »

can u let me know how much it will cost u both for a will to be made, we r in the same position and i was considering buying a DIY one

Mine cost £75 professionally. I told the solicitor how I wanted my estate divided and then he put it all in the right wording for me. I don't want to risk getting it wrong, especially as I am dividing my assets between 4 people.

Edinburghlass_2

sammybee wrote: »

can u let me know how much it will cost u both for a will to be made, we r in the same position and i was considering buying a DIY one

Don't do a DIY will if there is anything slightly out of the ordinary which in these circumstances there are. Its worth getting a proper one done for peace of mind.

leicsmarkyr

Sorry to jump on this one.

What is the difference between the two tenacies? Alsways confused me and how do I find out which one me and partner selected when bought the house

CLAPTON

In a joint tenancy you both own the house (i.e. you dont own one half and the OH owns the other... you both own the house). If one dies then it automatically becomes the other persons. You can't leave it to anyone else.

In a tenancy in common you each own half the house (or whatever proportion you agree). You can therefore leave your share to anyone you like. So if you die, are not married and dont leave a will then your half will follow the intestancy rules and your OH will get nothing.

*MF*

Not harping on - honest lol - but Scots Law is different ... and per my earlier post it can have an effect even if you are based in England or Wales - second house in Scotland for example

Scots Law -

Tenants in common is known as "joint owners".

Joint tenancy is known as " joint owners with survivorship"

- which for me makes it clearer as to which is which.

Ok, ok - I am harping on about it.